Suppose the price of apples rises from 3 a pound to 3.45, Ask an Expert

Economics

Elasticity vs inelasticity

Elasticity = (% Change in Quantity)/(% Change in Price)

Suppose the price of apples rises from $3 a pound to $3.45 and your consumption of apples drops from 30 pounds of apples a month to 21 pounds of apples. find out your price elasticity of demand of apples.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M926272

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